POET wants CME to change ethanol swap contract after ADM allegedly pushes down prices

In Washington, Reuters reports that POET is leading the charge to get the Chicago Mercantile Exchange to adjust its ethanol swap contract that is based on the Platts price, saying that ADM is using the benchmark contract to push down prices and squeeze other players out of the market. Some allege that the Platts price, and therefore CME contract, is easily manipulatable because it is based on trades during a short, 30-minute period during the day rather than all of the trades that take place throughout the course of the day.